Elliott Wave Intraday View: USDMXN Could Be In For Some Weakness; Correction Is Near Completed

USDMXN is moving slightly higher at the moment, but in three waves from 20.2900 so pair is most-likely making only a temporary corrective recovery. We are looking for a zigzag up in wave 2 that may find a resistance near 20.3500-20.4000 area in the next few sessions, from where we may see a strong turn down, while pair is below 20.4900 invalidation level.

Interested in our services ? Then visit our homepage at www.ew-forecast.com and take a glance at some of our charts. You can even subscribe to our Twitter account -> @ewforecast

Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil.
Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.

Risk Warning: All information on this website, including any opinions, charts, prices, news, data, Buy/Sell signals, research and analysis is provided as general market commentary and does not constitute any investment advice. Forexminute is not liable for any damage or loss, including but not limited to, any loss of investment, which may be based either directly orindirectly on the use of or reliance on such information. Before deciding whether or not to take part in foreign exchange or financial markets or any other type of financial instrument, please carefully consider your investment objectives, level of experience and risk appetite. Do not invest more money than you can afford to lose. Note that the high level of leverage in forex trading may work against you as well as for you. Please seek advice of an independent financial advisor if you are not fully aware about the risks associated with foreign exchange trading. Forex trading on margin involves considerable exposure to high risk, and may not be suitable for all investors. Forexminute does not endorse any companies, products or services which are represented on Forexminute.com The information on this website is subject to change without notice.